Jasper FHA Loan Rates, Closing Costs & Stats

Jasper, IN

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Jasper's 34 lenders originated 105 FHA loans during 2023. The total origination value was $23,765,000, with an average FHA loan value of $226,333.

    Jasper FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Jasper averaged 6.5% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Jasper's average FHA mortgage closing costs are $5,787.

    The average rate for the prior week (2024-11-01) was 6.37% and one month ago for the week of 2024-10-04, the average rate was 5.79%.

    The average rate one year ago was 7.34%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Jasper FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Jasper level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 16 6.21% $10,190
    Fifth Third Bank 14 6.41% $5,748
    German American Bank 8 6.58% $6,021
    UNITED WHOLESALE MORTGAGE, LLC 6 7.19% $9,435
    FBC MORTGAGE, LLC 5 4.77% $7,573
    LOANDEPOT.COM, LLC 4 6.59% $11,005
    ENDEAVOR CAPITAL, LLC. 3 6.58% $9,504
    Old National Bank 3 5.92% $6,844
    EVANSVILLE TEACHERS 3 7.04% $6,185
    GVC MORTGAGE, INC. 2 7.19% $5,689
    Bank of England 2 6.38% $10,934
    MORTGAGE MASTERS OF INDIANA, INC. 2 7.25% $6,385
    CARDINAL FINANCIAL 2 6.19% $5,466
    Plains Commerce Bank 2 8.25% $5,078
    CROSSCOUNTRY MORTGAGE, LLC 2 6.75% $9,831
    Prosperity Home Mortgage, LLC 2 6.81% $10,268
    UNION HOME MORTGAGE CORP. 1 7.13% $6,912
    AMERICAN FINANCIAL NETWORK, INC. 1 7.25% $5,415
    U.S. Bank 1 6.75% $5,178
    AMERISAVE MORTGAGE CORPORATION 1 6.00% $18,541
    CALIBER HOME LOANS, INC. 1 6.75% $6,961
    Carrington Mortgage Services, LLC 1 6.63% $8,076
    Century Mortgage Company DBA Century Lending Company 1 7.63% $9,414
    Equity Prime Mortgage LLC 1 7.38% $8,815
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.13% $7,675
    Flanagan State Bank 1 6.63% $4,587
    FREEDOM MORTGAGE CORPORATION 1 6.75% $9,420
    MEMBER FIRST MORTGAGE, LLC 1 6.63% $6,033
    MORTGAGE ACCESS CORP. 1 5.75% $8,397
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $7,032
    NEWREZ LLC 1 6.63% $11,370
    Northpointe Bank 1 6.25% $7,593
    PLAZA HOME MORTGAGE, INC. 1 6.25% $6,479
    POLARIS HOME FUNDING CORP. 1 6.25% $8,222

    The top Jasper FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 16 FHA loans originated. Their average total fees are $10,190, which is $4,442 higher than the next largest lender, Fifth Third Bank.

    The lowest fee Jasper FHA lenders (with over 10 loans originated) are Fifth Third Bank ($5,748), QUICKEN LOANS, LLC ($10,190), .

    The lowest rate Jasper FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.21%), Fifth Third Bank (6.41%), .

    Jasper FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    JASPER, IN DUBOIS 2022 $420,680 $538,650 $651,050 $809,150
    JASPER, IN PIKE 2022 $420,680 $538,650 $651,050 $809,150
    JASPER, IN DUBOIS 2023 $472,030 $604,400 $730,525 $907,900
    JASPER, IN PIKE 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Jasper (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $162,450 (16.1%) $216,370 (6.3%) 0.00 112
    2018-02-01 $158,675 (5.9%) $222,917 (10.3%) 0.00 106
    2018-03-01 $184,000 (16.9%) $233,809 (11.4%) 0.00 98
    2018-04-01 $195,556 (20.7%) $246,396 (18.5%) 0.00 98
    2018-05-01 $235,000 (36.3%) $252,703 (16.6%) 0.00 102
    2018-06-01 $226,500 (39.3%) $241,683 (15.7%) 0.00 107
    2018-07-01 $200,000 (24.6%) $225,267 (11.2%) 0.00 116
    2018-08-01 $183,050 (7.7%) $221,288 (4.9%) 0.00 115
    2018-09-01 $183,700 (8.4%) $226,114 (4.6%) 0.00 116
    2018-10-01 $181,900 (22.0%) $223,745 (2.2%) 0.00 125
    2018-11-01 $185,000 (24.7%) $229,545 (7.6%) 0.00 122
    2018-12-01 $188,450 (13.7%) $227,529 (7.8%) 0.00 121
    2019-01-01 $193,275 (19.0%) $227,558 (5.2%) 0.00 113
    2019-02-01 $190,200 (19.9%) $226,729 (1.7%) 0.00 120
    2019-03-01 $186,071 (1.1%) $226,380 (-3.2%) 0.00 109
    2019-04-01 $187,546 (-4.1%) $230,124 (-6.6%) 0.00 103
    2019-05-01 $208,725 (-11.2%) $228,736 (-9.5%) 0.00 103
    2019-06-01 $214,450 (-5.3%) $230,945 (-4.4%) 0.00 130
    2019-07-01 $219,900 (10.0%) $233,047 (3.5%) 0.00 141
    2019-08-01 $216,927 (18.5%) $232,880 (5.2%) 0.00 142
    2019-09-01 $212,468 (15.7%) $232,329 (2.8%) 0.00 141
    2019-10-01 $207,125 (13.9%) $229,804 (2.7%) 0.00 141
    2019-11-01 $193,000 (4.3%) $225,272 (-1.9%) 0.00 153
    2019-12-01 $194,600 (3.3%) $233,494 (2.6%) 0.00 138
    2020-01-01 $202,600 (4.8%) $244,220 (7.3%) 0.00 120
    2020-02-01 $199,900 (5.1%) $245,112 (8.1%) 0.00 118
    2020-03-01 $229,100 (23.1%) $262,525 (16.0%) 0.00 118
    2020-04-01 $228,225 (21.7%) $266,639 (15.9%) 0.00 114
    2020-05-01 $229,000 (9.7%) $274,749 (20.1%) 0.00 106
    2020-06-01 $226,625 (5.7%) $279,291 (20.9%) 0.00 104
    2020-07-01 $220,975 (0.5%) $275,642 (18.3%) 0.00 97
    2020-08-01 $229,000 (5.6%) $271,909 (16.8%) 0.00 86
    2020-09-01 $229,000 (7.8%) $275,395 (18.5%) 0.00 75
    2020-10-01 $239,000 (15.4%) $292,788 (27.4%) 0.00 74
    2020-11-01 $203,425 (5.4%) $283,146 (25.7%) 0.00 68
    2020-12-01 $200,975 (3.3%) $277,742 (19.0%) 0.00 61
    2021-01-01 $191,950 (-5.3%) $253,832 (3.9%) 0.00 62
    2021-02-01 $191,725 (-4.1%) $256,169 (4.5%) 0.00 52
    2021-03-01 $199,950 (-12.7%) $261,405 (-0.4%) 0.00 39
    2021-04-01 $204,000 (-10.6%) $274,278 (2.9%) 0.00 37
    2021-05-01 $199,999 (-12.7%) $241,335 (-12.2%) 0.00 41
    2021-06-01 $214,450 (-5.4%) $257,429 (-7.8%) 0.00 35
    2021-07-01 $179,950 (-18.6%) $232,204 (-15.8%) 0.00 37
    2021-08-01 $179,900 (-21.4%) $233,153 (-14.3%) 0.00 57
    2021-09-01 $177,200 (-22.6%) $241,377 (-12.4%) 0.00 59
    2021-10-01 $188,500 (-21.1%) $242,313 (-17.2%) 0.00 61
    2021-11-01 $239,950 (18.0%) $281,135 (-0.7%) 0.00 51
    2021-12-01 $242,225 (20.5%) $268,494 (-3.3%) 0.00 43
    2022-01-01 $265,000 (38.1%) $279,254 (10.0%) 0.00 36
    2022-02-01 $257,750 (34.4%) $317,873 (24.1%) 0.00 37
    2022-03-01 $239,725 (19.9%) $306,291 (17.2%) 0.00 42
    2022-04-01 $237,750 (16.5%) $305,107 (11.2%) 0.00 39
    2022-05-01 $230,425 (15.2%) $305,767 (26.7%) 0.00 52
    2022-06-01 $233,450 (8.9%) $281,305 (9.3%) 0.00 60
    2022-07-01 $232,450 (29.2%) $294,075 (26.7%) 0.00 64
    2022-08-01 $233,975 (30.1%) $272,852 (17.0%) 0.00 67
    2022-09-01 $253,675 (43.2%) $296,674 (22.9%) 0.00 70
    2022-10-01 $239,900 (27.3%) $300,112 (23.9%) 0.00 80
    2022-11-01 $222,250 (-7.4%) $301,375 (7.2%) 0.00 72
    2022-12-01 $229,000 (-5.5%) $294,066 (9.5%) 0.00 70
    2023-01-01 $234,450 (-11.5%) $298,464 (6.9%) 0.00 64
    2023-02-01 $250,000 (-3.0%) $318,435 (0.2%) 0.00 59
    2023-03-01 $279,500 (16.6%) $330,690 (8.0%) 0.00 61
    2023-04-01 $284,940 (19.9%) $309,301 (1.4%) 0.00 66
    2023-05-01 $266,973 (15.9%) $299,865 (-1.9%) 0.00 78
    2023-06-01 $272,400 (16.7%) $293,316 (4.3%) 0.00 81
    2023-07-01 $249,450 (7.3%) $278,062 (-5.5%) 0.00 79
    2023-08-01 $233,325 (-0.3%) $268,310 (-1.7%) 0.00 99
    2023-09-01 $241,900 (-4.6%) $258,245 (-13.0%) 0.00 123
    2023-10-01 $249,350 (3.9%) $271,631 (-9.5%) 0.00 127
    2023-11-01 $239,900 (7.9%) $265,511 (-11.9%) 0.00 127
    2023-12-01 $239,000 (4.4%) $267,113 (-9.2%) 0.00 109
    2024-01-01 $239,725 (2.3%) $263,899 (-11.6%) 0.00 91
    2024-02-01 $247,400 (-1.0%) $274,714 (-13.7%) 0.00 80
    2024-03-01 $260,000 (-7.0%) $285,136 (-13.8%) 0.00 78
    2024-04-01 $281,725 (-1.1%) $303,958 (-1.7%) 0.00 82
    2024-05-01 $278,000 (4.1%) $336,804 (12.3%) 0.00 96
    2024-06-01 $259,000 (-4.9%) $329,483 (12.3%) 0.00 117
    2024-07-01 $255,000 (2.2%) $328,089 (18.0%) 0.00 121
    2024-08-01 $244,450 (4.8%) $308,681 (15.1%) 0.00 118
    2024-09-01 $247,450 (2.3%) $314,709 (21.9%) 0.00 121
    2024-10-01 $245,200 (-1.7%) $326,290 (20.1%) 0.00 109
    Jasper's median listing price for 2024-10-01 was $245,200, a difference of $-4,150 (-1.7%) versus the prior year and $-2,250 versus the prior month.

    Jasper's median listing price comes in at 0% of the national average.

    Jasper's average listing price for 2024-10-01 was $326,290, a difference of $54,659 (20.1%) versus the prior year and $11,581 versus the prior month.

    For the 2024-10-01 period, Jasper had 109 MLS listings, a difference of -12 listings (-10%) versus the prior month and -18 listings (-14%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Jasper (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,006 sqft
    2018-02-01 0 days 2,225 sqft
    2018-03-01 0 days 2,285 sqft
    2018-04-01 0 days 2,229 sqft
    2018-05-01 0 days 2,348 sqft
    2018-06-01 0 days 2,275 sqft
    2018-07-01 0 days 2,092 sqft
    2018-08-01 0 days 2,116 sqft
    2018-09-01 0 days 2,150 sqft
    2018-10-01 0 days 2,152 sqft
    2018-11-01 0 days 2,338 sqft
    2018-12-01 0 days 2,166 sqft
    2019-01-01 0 days 2,166 sqft
    2019-02-01 0 days 2,160 sqft
    2019-03-01 0 days 2,136 sqft
    2019-04-01 0 days 2,136 sqft
    2019-05-01 0 days 2,200 sqft
    2019-06-01 0 days 2,130 sqft
    2019-07-01 0 days 2,186 sqft
    2019-08-01 0 days 2,230 sqft
    2019-09-01 0 days 2,233 sqft
    2019-10-01 0 days 2,225 sqft
    2019-11-01 0 days 2,151 sqft
    2019-12-01 0 days 2,209 sqft
    2020-01-01 0 days 2,239 sqft
    2020-02-01 0 days 2,253 sqft
    2020-03-01 0 days 2,316 sqft
    2020-04-01 0 days 2,359 sqft
    2020-05-01 0 days 2,400 sqft
    2020-06-01 0 days 2,536 sqft
    2020-07-01 0 days 2,343 sqft
    2020-08-01 0 days 2,301 sqft
    2020-09-01 0 days 2,297 sqft
    2020-10-01 0 days 2,396 sqft
    2020-11-01 0 days 2,260 sqft
    2020-12-01 0 days 2,152 sqft
    2021-01-01 0 days 2,100 sqft
    2021-02-01 0 days 2,315 sqft
    2021-03-01 0 days 2,448 sqft
    2021-04-01 0 days 2,559 sqft
    2021-05-01 0 days 2,180 sqft
    2021-06-01 0 days 1,902 sqft
    2021-07-01 0 days 1,736 sqft
    2021-08-01 0 days 1,887 sqft
    2021-09-01 0 days 2,082 sqft
    2021-10-01 0 days 2,006 sqft
    2021-11-01 0 days 2,319 sqft
    2021-12-01 0 days 2,113 sqft
    2022-01-01 0 days 2,152 sqft
    2022-02-01 0 days 2,087 sqft
    2022-03-01 0 days 2,124 sqft
    2022-04-01 0 days 2,013 sqft
    2022-05-01 0 days 2,068 sqft
    2022-06-01 0 days 1,838 sqft
    2022-07-01 0 days 1,885 sqft
    2022-08-01 0 days 1,702 sqft
    2022-09-01 0 days 1,779 sqft
    2022-10-01 0 days 1,825 sqft
    2022-11-01 0 days 1,778 sqft
    2022-12-01 0 days 1,811 sqft
    2023-01-01 0 days 1,817 sqft
    2023-02-01 0 days 1,790 sqft
    2023-03-01 0 days 1,800 sqft
    2023-04-01 0 days 1,808 sqft
    2023-05-01 0 days 1,887 sqft
    2023-06-01 0 days 2,060 sqft
    2023-07-01 0 days 1,891 sqft
    2023-08-01 0 days 1,826 sqft
    2023-09-01 0 days 1,819 sqft
    2023-10-01 0 days 1,819 sqft
    2023-11-01 0 days 1,798 sqft
    2023-12-01 0 days 1,804 sqft
    2024-01-01 0 days 1,887 sqft
    2024-02-01 0 days 1,914 sqft
    2024-03-01 0 days 2,037 sqft
    2024-04-01 0 days 2,223 sqft
    2024-05-01 0 days 2,151 sqft
    2024-06-01 0 days 2,057 sqft
    2024-07-01 0 days 2,016 sqft
    2024-08-01 0 days 1,993 sqft
    2024-09-01 0 days 2,024 sqft
    2024-10-01 0 days 1,958 sqft
    Jasper's median listing age (time on market) for 2024-10-01 was 0 days.

    Jasper's median square footage for active listings during the 2024-10-01 period was 1,958 sqft. One year prior, the average listing was 1,819 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).